[Edaily Reporter kyoungeun kim ] As the second-quarter earnings season kicks into high gear early next month, led by SamsungElectronics, niche strategies focused on separating the wheat from the chaff within the semiconductor-led bull market are gaining attention. While the continuation of the bull market hinges on semiconductor earnings, analysts suggest investors should also turn their attention to stocks in non-semiconductor sectors—which have underperformed relatively—that are seeing upward revisions to their earnings estimates.

According to financial information provider FnGuide Inc. on the 23rd, the estimated second-quarter operating profit for 264 KOSPI and KOSDAQ-listed companies—for which consensus estimates from at least three sources were available—totaled 213.0889 trillion won, a 1.6% increase from one month ago. This represents a 248.1% surge compared to the same period last year, a figure analysts attribute primarily to the earnings of SamsungElectronics and SK hynix. SamsungElectronics’ second-quarter consensus estimate was 87.2403 trillion won, a 1,765.7% increase year-over-year, while SK hynix’s was estimated at 63.2121 trillion won, a 586.1% increase.
Looking at individual stocks, while the pace of upward revisions slowed somewhat compared to the first quarter, the trend of profit growth in the semiconductor sector remained intact. Among the top 10 companies by second-quarter operating profit estimates, the profit estimates for SamsungElectronics and SK hynix were revised upward by 1.7% and 1.4%, respectively, compared to one month ago. Next were HyundaiMotor (0.3%), KIA CORPORATION (-0.3%), KB Financial Group (0.5%), ShinhanFinancialGroup Co.,Ltd. (0.1%), HD HYUNDAI (0.0%), KoreaElectricPower (16.1%), SK (44.8%), and HanaFinancialGroupInc. (0.2%); with the exception of KIA CORPORATION, the trend was generally upward.
By market, the operating profit consensus for 200 KOSPI-listed companies was revised upward by 1.6% from the previous month to 211.6463 trillion won, marking a 251.3% increase year-over-year. For 64 KOSDAQ-listed companies, the figure rose 1.2% from the previous month to 1.4427 trillion won, representing a year-over-year increase of only 49.8%.
The securities industry is placing greater weight on the view that the profit growth led by the semiconductor sector—which has continued since the release of third-quarter earnings last year—remains valid. Shin Hyun-yong, an analyst at Yuanta Securities Korea, stated, “Second-quarter semiconductor exports are expected to grow by 117.6% year-over-year and 4.9% quarter-over-quarter,” adding, “Consequently, upward revisions to full-year and second-quarter estimates are continuing, and market sentiment remains robust.” With strong earnings anticipated for the semiconductor sector during the second-quarter earnings season, the KOSPI is expected to maintain its upward trend in July.
The key factor will be the differentiation between companies that achieve earnings surprises and those that do not during the upcoming earnings season. Since stocks that have seen upward revisions to their earnings estimates typically have a higher probability of posting earnings surprises, market attention is focused on sectors where earnings estimates have been raised.
Looking at sectors where earnings estimates have been revised upward compared to one month ago, they include oil and gas (14.5%), department stores (10.0%), chemicals (7.2%), gas (6.5%), security equipment (5.4%), electronic equipment and devices (4.4%), hotels and leisure (2.9%), securities (2.0%), mobile phones and related components (1.9%), and semiconductors and related equipment (1.6%).
Among these, the notable upward revision in earnings estimates for the oil and gas sector is largely attributable to SK(034730). For SK, profit forecasts were sharply revised upward by 44.8% compared to one month ago, as first-quarter earnings improved significantly due to strong performance in the memory module business driven by rising memory prices, with SK hynix leading the group-wide business and financial improvements. Additionally, improved earnings at oil refiners—driven by rising Dubai crude oil prices and strong refining margins—further boosted profit forecasts for the sector as a whole.
In the department store sector, consumption of luxury goods and fashion is surging due to the wealth effect driven by the KOSPI rally. Meanwhile, the growing influence of K-culture has expanded the share of foreign sales from 1–3% in 2019 to the current 5–7% range, emerging as a new growth engine. In addition, the total fertility rate rebounded for three consecutive years from 2023 to 2025 (0.721 to 0.80), leading to structural benefits such as increased spending by families with infants and young children and expanded demand for premium children’s products.
In the chemical sector, profit estimates have risen as inventory valuation gains driven by rising international oil prices have coincided with a recovery in spreads for certain products.
Meanwhile, Yuanta Securities Korea identified the following as promising stocks, taking into account both the magnitude of the upward revisions to earnings estimates and the discount to current stock prices SK(034730), APR(278470), AMOREPACIFIC CORPORATION, KEPCO Engineering & Construction(052690), #Hanwha Vision, Shinsegae Co.,Ltd(004170), LOTTE SHOPPING CO., LTD.(023530), and SIMMTECH Co., Ltd.(222800).